On this episode, we’ll dive deep into the non-financial benefits of saving money. You’d be surprised just how many ways having a healthy savings account can help you – physically, emotionally, and spiritually! You’ll hear a story from one of our listener who benefited from having savings just when she needed it most. I’ll give practical tips on what types of savings accounts work best. You’ll also hear a very personal story from our co-host, Megan Hibbard, on how having financial margin allowed her to take a big step of faith.

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

We all know that it is a good idea to prioritize our savings accounts. Yet, more than 7 out of 10 Americans live paycheck-to-paycheck (in this article, it was almost 8 out of 10!) and would experience major financial complications from one missed paycheck.

I used to live this way. In addition to the expected financial challenges, my poor money management skills carried stress into every facet of my life. If I had known all of the non-financial benefits of prioritizing the establishment of financial margin, I’m convinced I would have avoided a lot of unnecessary stress. Perhaps by sharing these benefits in this series of posts, I can help give someone the final nudge needed to begin to prioritize saving money.

Benefit #3 MARGIN = SPEED

Have you ever had to park a car in a garage that had a narrow entrance? An garage entrance so tight that you feared that you would knock both mirrors off of the car each time you tried to park in it? As a result, you approached the entrance very slowly and cautiously.

If you had to park in a garage with a double door entrance, you could screech in at 30 mph and still safely make it into the entrance.

This is exactly the case with financial margin! Without financial margin, a person is forced to proceed with great caution for fear of making a major financial error. One misstep and there will be financial damage! With a lot of savings, you are able to move more freely and with greater speed. This is a wonderful benefit!

Have you ever noticed that people with money tend to get the better financial deals? They are the ones who purchase a house, business, land, and investment at a major discount. Why? Because they had money ready to do the deal! They had margin!

Back when I was broke without financial margin, I attempted to purchase a business. Think about that statement for a minute. I tried to purchase a business without any money. Do you think I was successful? Absolutely not! They looked at me incredulously and laughed me out of the building. I resolved to get better instead of bitter.

“I resolved to get better instead of bitter.” – Joseph Sangl

Flash forward to six years later. I had indeed gotten better by prioritizing financial margin, and I found a farm for sale at a steep discount (it was in the middle of the Great Recession). Because of margin, I was able to close on the deal in 11 days from the date I first walked on the land.

Speed. Enabled by financial margin.

It’s a wonderful benefit.

========================================

Ready to take your finances to the next level? Get your copy of I Was Broke. Now I’m Not.and get started on your path to a fully funded life!

We all know that it is a good idea to prioritize our savings accounts. Yet, more than 7 out of 10 Americans live paycheck-to-paycheck (in this article, it was almost 8 out of 10!) and would experience major financial complications from one missed paycheck.

I used to live this way. In addition to the expected financial challenges, my poor money management skills carried stress into every facet of my life. If I had known all of the non-financial benefits of prioritizing the establishment of financial margin, I’m convinced I would have avoided a lot of unnecessary stress. Perhaps by sharing these benefits in this series of posts, I can help give someone the final nudge needed to begin to prioritize saving money.

Benefit #2 MARGIN = FOCUS

How much time do you spend thinking about your finances each day? Each week? Each month? For most people, money is a near-continual thought. Is it because they are greedy? Is it because they love money? Is it because it is their favorite topic?

I submit that the answer to all three of these questions is almost always a firm, “No!”

If these aren’t the reasons, then why do they spend so much thinking about money? The biggest reason is because they lack financial margin. As a result, they are in a constant state of “juggling” financial obligations. Because of their paycheck-to-paycheck situation, they spend inordinate amounts of time just figuring out how to survive – with little to no time left to consider how they might thrive.

“They spend inordinate amounts of time just figuring out how to survive – with little to no time left to consider how they might thrive.” – Joseph Sangl

A completely different scenario is created by the establishment of financial margin! The countless hours spent stressing about money, on the phone with creditors, and balancing various bills is instead able to be utilized to focus on the future. It is amazing how powerful focus can be in your career, with your family, and for your money.

Anyone who has attempted to focus on a task while constantly interrupted by their child knows how impossible (and maddening) it is to make progress. It is better to just stop the activity, address the issue with the child completely, and then pick up the task at hand at a time when they can remain focused.

The same is true for your finances! Take the time to address the issue (the lack of financial margin), and then pick up the task at hand again. If you’ve never experienced the power of financial margin, you will find a freedom to focus unlike any time you’ve ever enjoyed before! I’ll never forget this moment for me. It was in February 2004. I chose to put my tax refund into the bank to establish margin. It was a life-changing decision. It actually had a physiological effect on me! I could physically breathe in a way that I had never experienced before.

Once I discovered that financial margin allowed me to focus – on bigger picture items, on thriving instead of surviving, on pursuing a dream, on my career, on my family – I never allowed myself to live paycheck-to-paycheck again.

If you feel like you’re living in a constant state of distraction due to a lack of margin, take steps today to remedy the situation. You’ll never regret it!

========================================

Ready to take your finances to the next level? Get your copy of I Was Broke. Now I’m Not.and get started on your path to a fully funded life!

We all know that it is a good idea to prioritize our savings accounts. Yet, more than 7 out of 10 Americans live paycheck-to-paycheck (in this article, it was almost 8 out of 10!) and would experience major financial complications from one missed paycheck.

I used to live this way. In addition to the expected financial challenges, my poor money management skills carried stress into every facet of my life. If I had known all of the non-financial benefits of prioritizing the establishment of financial margin, I’m convinced I would have avoided a lot of unnecessary stress. Perhaps by sharing these benefits in this series of posts, I can help give someone the final nudge needed to begin to prioritize saving money.

Benefit #1 MARGIN = SPACE

When you have a healthy savings account, it allows you to accommodate “life happens” events without having your entire financial world being thrown into chaos. In the I Was Broke. Now I’m Not. Ladder (free download here), we recommend starting with a goal to build your savings up to equal one month of expenses (Rung #2) and then, after completing a few other financial steps, build on up to a minimum of three months of expenses (Rung #5).

You know what I mean about “life happens” events, right? These are things that are going to happen regardless of whether or not you have money saved for them. Here is a list of several common “life happens” events:

On this episode, we’ll talk about why saving money is a MUST in your financial plan. I’ll answer the question, “How can I make saving a priority when I’m paying off debt?” With tax season upon us, I’ll tell you how to maximize your refund and talk about the secret weapon to financial freedom – the IWBNIN ladder. I’ll also share my thoughts on the wildly popular bitcoin and cryptocurrency.

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find The Monday Money Tip PodcastHERE. Please let us know what you think by leaving us a rating!